IEA Executive Director Says More Oil Releases Possible If Disruptions Continue

by Ship & Bunker News Team
Tuesday March 17, 2026

The chief of the energy body International Energy Agency (IEA) says its members could possibly release more oil from strategic reserves if the Middle East supply disruption continues to strain global markets.

The current coordinated draw of around 400 million bbls represents only about 20% of total emergency stocks of its members, leaving more than 1.4 billion bbls still available, Fatih Birol, executive director of IEA, said in a video statement on Monday.

The 32 members of the IEA unanimously agreed last week to release 400 million bbls from their strategic reserves, with the US contribution of 172 million bbls.

Birol said the bulk of the release is coming from the Americas, alongside contributions from Europe and Asia-Pacific, with additional supply also expected from increased production.

While the initial release has helped ease prices, Birol warned it remains a temporary measure.

A sustained stabilisation in oil and gas markets will depend on the resumption of flows through disrupted export routes.

The impact is being felt most acutely in South and Southeast Asia, where emerging economies are facing supply shortages and rising prices.

Looking ahead, Birol said it is also reviewing possible demand-side measures if disruptions persist, adding that even with a restart of flows from the Strait of Hormuz, global energy trade will take time to normalise.

Ship & Bunker News Team
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